THE IMPACT OF MULTINATIONAL OIL COMPANY IN THE NIGERIA PUBLIC REVENUE (A CASE STUDY OF ELF NIG UNITED )
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THE IMPACT OF MULTINATIONAL OIL COMPANY IN THE NIGERIA PUBLIC REVENUE (A CASE STUDY OF ELF NIG UNITED )
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ABSTRACT: Many Nigerians are in almost confusion on the activities and the contributes to the public revenue of the multi –national Oil companies in Nigeria. For the singular reason, in order to educate he populace on the activities and contributions of these multi –national Oil companies, the research embarked on an investigation into the impact of multi –national oil companies to the Nigerian public revenue.For a proper education and information the researcher work by introducing the multi –national Oil companies with particular reference to ELF Nigeria United. Disclosing the aim of the study, background of study, statement of problem and the limitations of the  study and testing of hypothesis.

          Chapter two of the project work revenue all other research writings and publications already made on the research topic including information gotten  from oral interviews and questionnaires distributed. The research design and methodology sued in the course of the research work was briefly highlights in chapter three giving a clear description of sources of data areas of study and  sample used and the determination of sample size.

          Chapter four of the project work dealt  with the presentation and analysis of data collected in the course o the  research work.

          The research work ended with the summary of the findings, conclusion and recommendations by the research.

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0     Introduction

  1. Background and need of the study
  2. Statement of the problem
  3. Scope of the study
  4. Aim of study
  5. Limitations of the study
  6. Objective of the study
  7. Formulation of hypotheses

References

CHAPTER TWO

2.0     Literature Review 

  1. Multinationals in Nigeria Oil Industry (The Issues of Nationalism)
  2. Participants
  3. Economic Policies and its circumvention
  4. Visible contributions of Multinational Oil Companies to the Economy of Nigeria 
  5. Invisible Contributions of Multinational Oil Companies.
  6. Elf Donation of the flood victims
  7. The role of Multinational Oil companies in developing Countries
  8. The role Capital In Developing Theory
  9. Welfare are Effects f Development Concepts
  10. The Role of Technology
  11. Issues and challenges of Nigeria Petroleum Industry

CHAPTER THREE

3.0     Research design and methodology

  1. Sources of Data

 

  1. Interview Questions
  2.  Area of study
  3. Sample used and Determination of Sample Size
  4. Method of Investigation
  5. Validation of Research
  6. Method of Data Analysis

CHAPTER FOUR

1.0     Data Presentation and Analysis

  1. Data Presentation
  2. Data Analysis

CHAPTER FIVE

FINDING, CONCLUSION AND RECOMMENDAION

  1. Discussions of findings
  2. Conclusion
  3. Recommendation

Bibliography

Appendix    

 

CHAPTER ONE

1.1     BACGROUND AND NEED OF THE STDUY

1.11   AN INSIGHT INTO OIL INDUSTRY OR PRODUCITON IN NIGERIA

          As a matter of fact, the research for petroleum in the country started as early as 1908 when  German company, the Nigeria between cop[oration (Imitated) exploration in the Araromi was interrupted by the outbreak of the first world war in 1914.

          However, in 1937, Oil prospecting resumed in the country with shell D’ Arcy (the former of present day shell petroleum Development company of Nigeria) awarded the sole concession Nigeria. Their activities were again affected by the second world wari but resumed in 1947.

          Meanwhile, it as in 1956 that Oil was discovered in commercial quantities of  Olobiri in the Nigeria Delta after suceral  years of oil prospecting and an investing of over N30 billion with this development, shell started Oil production and exportation from its Olobiri filed in 1958’s.

          Following the discovery of oil in the country, other companies such as Mobil, Agu, sc frop (Now E/F) Tennoco, and Amasses (Which we know today as Texaco / Chevron), by 1961 began exploration activities for Oil the Onshore and offshore areas of Nigeria. The exploration right, which has been formally granted , to shell alone was extended to the new coners in line with the government policy of increasing the pace of Oil exploration in the country.

          So, Oil production and export from Olobiri filed was first started in 1958 by shell at a production rate of 5,000 barrels of crude Oil pen day. The quantity doubled the country rose to 2.0 million barrels per day in 1979. Infact in 1972 631,000,000 barrels were exported yielding more than N600 million in tax and royalties. As production continued, Nigeria attended the status of a major oil production being presently ranked the 6th Oil producer in the  world and second African after Lydia.

          Furthermore, Initially government interest was only united to collected of royalties and other due (taxes) offered it from the oil companies and rudimental laws to regulate the activities of the oil industry.

          This was due to the fact that oil revenue was very insignificant in this economy  before the late ninety sixties a also relative lack of trained personnel and expertise.

          However, immediately after the Nigeria and war, oil had become very important to our economy. So to strengthen and establish government control in industry. The  Nigeria Oil corporation (INNOC) was established by decree in may, 1971 as an integrated oil company designated with the powers to  engage in all phases of oil production from exploration to marketing later in 1997, the corporation was amalgamated  with the ministry of petroleum to form the Nigeria National petroleum company (NNPC).

          Besides before October 1965, the country’s crude Oilk was refined overseas and all its processed oil needs were thus imported. Consequently, to reduce the money spent in such venture, the country built its first retinue by October 1965 at Eleme, port Harcourt an as demand for more petroleum products increased, more refineries  were built at warri and Kaduna, including other  petro – chemical complex as well as the Bonny liquefied National lead project.

          As a result of these developments, government decided on intensive participation in the oil industries activities. It is believed that if government had more say or involvement in the day to day activities of these companies, it could achieve its goal of rapid industrial and commercial development of the country as well as better public revenue background.  

          Today the government has  increased its participate interest  in the oil producing companies to stand at 60% in shell, mobil, ElF, Agip, Texaco and Panacea. Therefore, having the right to about 70% of the total oil produced in the country.

          In other words, the joint venture activities between government owned Nigeria national petroleum, company and  the oil companies have now shifted from mere monitoring of operations as practiced in the past to a more positive involvement in the day – to – day activities of these multi –national oil companies.       

  1. AN OVERVIEW OF MULTI –NATIONAL OIL COMPANIES

By multinational companies we simply refer to certain specific business outfits which have their parent  headquarters located in the developed countries and then their subsidiaries operating in a number of other counties. They can equally be termed transitional corporations, depending on  the contextual frame work.

          As a matter of fact , he parent country assumes greater control of the subsidiary, not withstanding some certain influences by the home government where the subsidiaries are located. 

          Inrfact, the multinational oil companies control most of the meaningful economic activities in the developing countries., This control gives them  very wide jurisdiction in the manipulation of the economic policies and circumstances o their country.

          Meanwhile, our emphasis in  this  case is much on  he multinational that participates in Nigeria oil industry. Henony these companies are:

Elf Petroleum

Mobil Petroleum ‘

Chevron Petroleum ‘

Schelumberger

Texaco Oil etc.

          Initially when companies started their operations have in the country, they were granted income tax relief (Industrial Development Ordinance 1950). There were equally several amendments an laws which where, put in place to encourage these companies towards a favourable operation and investment in Nigeria. With these opportunities, which were not, obtainable in  their home countries so many multinational companies found Nigeria with  her teeming population and abundant natural resources, a very fertile ground] for operations.     

          Hence the scramble for Oil prospecting,. Which followed the discovery of oil granted to these companies, was magnifying their profits. Assuming the reserve is the case, their tax would have been directed a such expanding the economy and at  the same time accusing much pubic revenue.

  1. PUBLIC REVNUE

When new are talking about public revenue we are just returning or emphasizing on government revenue, that is , involves of the government. In other words, w   are looking at returns or yields from any kind of property which is directed to government or public coffers. Such revenue are mainly for the provision of social amenities and infrastructure as  well as for socio –economic development.

          We should equally note that public or government revenue is quite different from national income,  which is the value of all the economic activities of the country within a specific period. Conversely, the government revenue itself contributes to the national income.

  1. SOURCES OF GOVERNMNET REVNUE

There are various ways through which public revenue is accrued, amongst these includes :-

          TAXATION :  This is a system through which compulsory levies are made or paid by a person, or company towards generating revenue for government, together with promoting economic  and social policies.

These includes :-

Income Tax

Property Tax

Export and Import Duties

Excise Duties etc. 

BORROWING: This might be  either internally or externally.

FEES AND NSPECIAL CHANGES :  Here  we have fees and change paid for certificate of occupancy (C.O), passports, Incenses, (that is legal permits to do some certain things either produce, sell or distribute).

ROYALTIES AND RENTS : By this we refer to rents, stipulated amounts paid  for his use of public land and royalties from companies that granted mineral rights.

GRANTS: Special offers or favours to the government.

REFURUS FROM FIRECT INVESYTMENTS :- For instance, the share governments in various companies.

All these are numerous ways through which government generates their incomes and therefore money associated with them are termed government or public revenue.

1.2     STATEMENT OF PROBLEM

          It is may believe that  there are not much study performing to  the role of the multinational oil company, to ascertain the  extent to which they have contributed to the public revenue of their host country. These multinational oil companies are major partners in our oil industry as such they are very important in the economic life of our country.

          Most importantly, we believe that they contribute immensely in the area of foreign exchange earning  and other revenue generating aspect of the public revenue.  

          Meanwhile, though the actions of the multinational companies are fully  supported by  their home government  who give form guarantee for their investments in sources countries , as well as always stress economic developments theories that preach the inadvisability of the multinational oil corporations in the development process and revenue generation of the developing country. That does not means the host countries cannot be well considered and properly centered for.

          Since  the greater percentage of our revenue is through the oil industry ,therefore the country is very much interested in what happens within the operations  of  these multinational oil companies of these multinational oil companies of these multinational oil companies. So proper   analysis of their operation is needed

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